| As China’s rural reform continues to deepen and the process of agricultural modernization accelerates,family farms,as one of the new agricultural business entities,play an important role in promoting farmers’ income and wealth,as well as promoting the rural revitalization strategy.In the future,the development of family farms has great potential.However,due to the constraints of small scale,insufficient collateral,low credit rating and high credit rationing threshold of financial institutions,family farms face the contradiction between financing difficulties and production expansion,and generally have the problem of financing constraints.The factors that cause family farms to fall into financing difficulties are complex,both inherent agricultural natural weakness contradictions,but also a variety of other external factors.At present,it has become an urgent study to explore the financing dilemma of family farms,to solve the financing needs of family farms and to improve the operational efficiency of family farms.Therefore,an in-depth study on the financing behavior of family farms and their economic performance is important for exploring the future path of family farms and promoting their better development.In this paper,the concepts of family farm financing and economic performance are defined based on the collection and review of existing literature.Secondly,we use credit rationing theory,financing constraint theory,economy of scale theory,and farmer behavior theory as guides to explore the factors affecting the financing behavior of family farms and the mechanism of financing behavior on their economic performance.In this paper,2363 survey data of Yangzhou family farms in the national family farm directory are selected as the sample for analysis.Based on the statistical analysis of their financing behavior and operation status,a two-stage model is used for empirical analysis.In the first stage,a multivariate logistic model is constructed to empirically analyze the main factors affecting the financing behavior of family farms;in the second stage,an OLS regression model is used to analyze the impact of the financing behavior of family farms on their economic performance,and robustness tests are conducted by replacing the core explanatory variables,and heterogeneity analysis is conducted by grouping the family farms into model levels and operating areas.The empirical results found that:(1)the financing behavior of family farms is mainly influenced by three levels,which can be classified in order:individual characteristics of family farm owners,basic operating characteristics of family farms,and credit qualification characteristics of family farms,among which,the most significant influencing factors are the registration status of the Industrial and Commercial Bureau,registered trademark,agricultural product quality certification,age,education level,income,operating land transfer period,and the number of laborers;the demonstration grade,and operating land area grouping are heterogeneous.(2)The effect of financing behavior on their economic performance has a significant positive correlation.(3)From the heterogeneity analysis,the higher the demonstration grade designation,the more significant the impact of family farms’ financing behavior on their economic performance,and the impact of their financing behavior on their economic performance varies among family farms with different operating land areas,and is more significant for family farms in the range of 100-150 acres.Finally,based on the above analysis,this study proposes measures to increase the cultivation of farm owners’ quality,improve the ability to obtain financing,strengthen the joint cooperation of operating agents,reduce the cost of information asymmetry,broaden farm financing channels,encourage moderate scale operation,improve the credit evaluation system,and reduce the obstacles to farm financing.Enhance the financing capacity of family farms,so as to improve the economic efficiency of family farms and promote better and faster development of family farms. |
